OUT OF MIND
Would you like to react to this message? Create an account in a few clicks or log in to continue.
Latest topics
» Compost Building & Training: Reno & Surrounding Area till May 20, 2021
For Mark Zerfoss (aka MarkZ) - Dealing With Fraud by Denial EmptyToday at 11:35 am by Consciousness Of Economic

» WARNING DANGER’S OF A VACCINE
For Mark Zerfoss (aka MarkZ) - Dealing With Fraud by Denial EmptyToday at 11:33 am by Consciousness Of Economic

» THEY ARE DRAGGING THE ELDERLY FROM THEIR HOMES: MASS GENOCIDE AGENDA 21 [2021-05-08]
For Mark Zerfoss (aka MarkZ) - Dealing With Fraud by Denial EmptyToday at 11:29 am by Consciousness Of Economic

» NEW UPLOAD - THE INVISIBLE WAR, EXPERIMENTAL JABS WITH 5-G ELECTRONIC ACTIVATION
For Mark Zerfoss (aka MarkZ) - Dealing With Fraud by Denial EmptyToday at 11:27 am by Consciousness Of Economic

» HUMAN LABOR & SILVER
For Mark Zerfoss (aka MarkZ) - Dealing With Fraud by Denial EmptyToday at 11:25 am by Consciousness Of Economic

» How did this cause us to Ransack our Society? Here is the Reality
For Mark Zerfoss (aka MarkZ) - Dealing With Fraud by Denial EmptyToday at 11:24 am by Consciousness Of Economic

» A DELETED BILL GATES DOCUMENTARY HAS BEEN REVIVED
For Mark Zerfoss (aka MarkZ) - Dealing With Fraud by Denial EmptyToday at 11:22 am by Consciousness Of Economic

» I am Suing the US EPA Over Fluoride Added to Our Drinking Water
For Mark Zerfoss (aka MarkZ) - Dealing With Fraud by Denial EmptyToday at 11:06 am by Consciousness Of Economic

» SHEDDING WOO TOO ! CONTAGIOUS VACCINOSIS !
For Mark Zerfoss (aka MarkZ) - Dealing With Fraud by Denial EmptyToday at 11:04 am by Consciousness Of Economic

» Is What The CDC's VAERS Not Telling Us The Real Danger Of The COVID Jabs?
For Mark Zerfoss (aka MarkZ) - Dealing With Fraud by Denial EmptyToday at 11:02 am by Consciousness Of Economic

» Artists and Mental Health: Staying Sane in an Insane World
For Mark Zerfoss (aka MarkZ) - Dealing With Fraud by Denial EmptyToday at 11:00 am by Consciousness Of Economic

» ҚАЗАҚСТАНҒА ТҮСКЕН (НЛО) БЕЙМӘЛІМ ҰШҚЫШ НЫСАН !
For Mark Zerfoss (aka MarkZ) - Dealing With Fraud by Denial EmptyToday at 10:59 am by Consciousness Of Economic

» Study: THC Removes Toxic Protein that Causes Alzheimer’s From the Brain
For Mark Zerfoss (aka MarkZ) - Dealing With Fraud by Denial EmptyToday at 10:57 am by Consciousness Of Economic

» BRACE FOR IMPACT: "About to get much worse."
For Mark Zerfoss (aka MarkZ) - Dealing With Fraud by Denial EmptyToday at 10:53 am by Consciousness Of Economic

» UFO NEWS ~ Increase in sightings of glowing lights in the sky plus MORE
For Mark Zerfoss (aka MarkZ) - Dealing With Fraud by Denial EmptyToday at 10:40 am by PurpleSkyz

» Australia Changed Advice on Children and Cell Phone Radiation
For Mark Zerfoss (aka MarkZ) - Dealing With Fraud by Denial EmptyToday at 10:27 am by PurpleSkyz

» Crop Circles 2021 - Stanton St Bernard, Nr Alton Barnes, Wiltshire. Reported 10th May.
For Mark Zerfoss (aka MarkZ) - Dealing With Fraud by Denial EmptyToday at 10:23 am by PurpleSkyz

» The Variant and the Vaccine
For Mark Zerfoss (aka MarkZ) - Dealing With Fraud by Denial EmptyToday at 10:00 am by PurpleSkyz

» Propaganda & The Media (Part 1)
For Mark Zerfoss (aka MarkZ) - Dealing With Fraud by Denial EmptyToday at 9:50 am by PurpleSkyz

» NZ Govt Now Forces COVID Jabs or Else Jail Time, $4,000 Fine
For Mark Zerfoss (aka MarkZ) - Dealing With Fraud by Denial EmptyToday at 9:33 am by PurpleSkyz

» The Alignment Between Ancient Sites Will Blow Your Mind
For Mark Zerfoss (aka MarkZ) - Dealing With Fraud by Denial EmptyToday at 9:23 am by PurpleSkyz

» FDA authorizes Pfizer vaccine for youth ages 12 to 15
For Mark Zerfoss (aka MarkZ) - Dealing With Fraud by Denial EmptyToday at 9:14 am by PurpleSkyz

» "Gas Run Has Begun" - Fuel Stations Run Dry Amid Hacked Pipeline
For Mark Zerfoss (aka MarkZ) - Dealing With Fraud by Denial EmptyToday at 9:10 am by PurpleSkyz

» Behold! A Pale Horse!
For Mark Zerfoss (aka MarkZ) - Dealing With Fraud by Denial EmptyYesterday at 11:28 am by Unknown

» Our Gov Has Been Inflilitrated
For Mark Zerfoss (aka MarkZ) - Dealing With Fraud by Denial EmptyYesterday at 10:25 am by Unknown

» Is pine needle tea the answer to vaccine shedding / transmission?
For Mark Zerfoss (aka MarkZ) - Dealing With Fraud by Denial EmptyYesterday at 9:53 am by PurpleSkyz

» Benjamin bla bla blah Fulford - 5/10/2021 - Without a Moral Compass the West Cannot Win
For Mark Zerfoss (aka MarkZ) - Dealing With Fraud by Denial EmptyYesterday at 9:48 am by PurpleSkyz

» Strange Discovery at CERN... (2021 EVENTS)
For Mark Zerfoss (aka MarkZ) - Dealing With Fraud by Denial EmptyYesterday at 9:47 am by Unknown

» Screw Lumber, Just 3D-Print Your Next Home
For Mark Zerfoss (aka MarkZ) - Dealing With Fraud by Denial EmptyYesterday at 9:41 am by PurpleSkyz

» Federal Gov’t Telling Facebook to Silence Those With Vaccine Safety Concerns Says Lawsuit
For Mark Zerfoss (aka MarkZ) - Dealing With Fraud by Denial EmptyYesterday at 9:31 am by PurpleSkyz

» Boosting Your Mood and Improving Your Health With Vitamin D
For Mark Zerfoss (aka MarkZ) - Dealing With Fraud by Denial EmptyYesterday at 9:25 am by PurpleSkyz

» New Report Sheds Light on Vaccine Doomsday Cult
For Mark Zerfoss (aka MarkZ) - Dealing With Fraud by Denial EmptyYesterday at 9:20 am by PurpleSkyz

» Pfizer Seeks Full Approval for Covid Vaccine
For Mark Zerfoss (aka MarkZ) - Dealing With Fraud by Denial EmptyYesterday at 9:05 am by PurpleSkyz

You are not connected. Please login or register

OUT OF MIND » SUPER SCAMMERS!! RV & DINARIAN FRAUDS & THOSE THAT BUST THEM OUT! » RV/GCR, GURU CHATTER & NESARA INFO » For Mark Zerfoss (aka MarkZ) - Dealing With Fraud by Denial

For Mark Zerfoss (aka MarkZ) - Dealing With Fraud by Denial

Go down  Message [Page 1 of 1]

PurpleSkyz

PurpleSkyz
Admin
For Mark Zerfoss (aka MarkZ) - Dealing With Fraud by Denial Scree337



For Mark Zerfoss (aka MarkZ) - Dealing With Fraud by Denial EmptyFor Mark Zerfoss (aka MarkZ) - Dealing With Fraud by Denial

For Mark Zerfoss (aka MarkZ) - Dealing With Fraud by Denial I_icon_minipost_new by RamblerNash Yesterday at 10:17 pm
Dealing With Fraud by Denial

High & Low Finance
By FLOYD NORRIS MARCH 11, 2010


Years after Charles Ponzi was imprisoned for a fraud that cost victims millions of dollars in 1920, the state of Massachusetts determined it had recovered all the assets it could, and began to distribute them to victims, who stood to receive less than 30 cents for each dollar they invested.

To get the money, the victims had to turn over the notes they had received from Ponzi. But many of them refused to do so when the cash was offered in 1931.
Those who refused, wrote Donald Dunn in his book, “Ponzi: The Incredible True Story of the King of Financial Cons,” were “holding onto the belief that Ponzi somehow would yet make good on his promise of 50 percent interest.”


He did not.

That was probably not the first, and certainly not the last, example of what might be called “buyer’s denial.” It is the belief that somehow a fraud was not what it seemed to be, and that there was still a way to avoid losing the money the victim had foolishly invested.

“One has to ignore a lot of data to come to that conclusion. But that may be better than having to admit to yourself that it is over and you’re never going to get your money back,” said Dean G. Kilpatrick, the director of the National Crime Victims Research and Treatment Center and a professor at the Medical University of South Carolina. “It stands to reason that some would prefer to believe something else.”

To conclude that, it may be necessary to believe that there is some large conspiracy involving the government. Otherwise, why would prosecutors have wrongly claimed there was a huge fraud?

Perhaps the largest case of “buyer’s denial,” at least in terms of alleged damages, is in the fraud involving a tiny company known as CMKM Diamonds, which purported to have valuable diamond mining claims. In reality, what it had was a publicity machine, including the sponsorship of a car at “funny car” races around the country.

Several shareholders in CMKM — some of whom kept buying shares after the government exposed the fraud — want 10 current and former commissioners of the Securities and Exchange Commission to pay them $3.87 trillion, an amount equal to about half the United States government debt in public hands. You might think that would be enough, but the suit claims those are merely compensatory damages. They also want punitive damages, but do not cite a figure.

That is an impressive amount for a company whose last published balance sheet showed total assets of $344. That is dollars, not millions.

The tale the shareholders tell, in a lawsuit filed in January in federal district court in Santa Ana, Calif., is of a conspiracy involving not just the S.E.C., but also the Justice Department and the Department of Homeland Security.

Before getting into their view of reality, we’ll look at the record as developed in court cases filed by the S.E.C. and the Justice Department.

By their account, CMKM Diamonds illegally issued hundreds of billions of shares of stock, which insiders proceeded to sell into the market while the company issued a series of false news releases and failed to file required financial statements with the S.E.C.

With volume in the stock reaching billions of shares a day, the company needed an explanation for where all those shares came from. Disclosure that the company was simply printing them might have alarmed even the least astute investor.


For Mark Zerfoss (aka MarkZ) - Dealing With Fraud by Denial 12norris_CA0-articleInline
Charles Ponzi in 1920. He offered returns of 50 percent and cost investors millions.

CMKM came up with an explanation that would also be used later by another “pump and dump” fraud named Universal Express. It blamed “naked” short-selling by criminals who had sold shares they had not borrowed beforehand.

Eventually, the S.E.C. ordered a temporary halt to the trading, citing the lack of public information on the company. The insiders kept selling shares, earning a total profit of at least $64 million, according to the government.

The case stands as a tribute to the ineffectiveness of civil remedies against determined crooks. The S.E.C. sued the insiders in federal court in Nevada. Most of them did not bother to reply. The S.E.C. got an order requiring John Edwards, a British citizen said to be the mastermind of the fraud, to pay $55 million in restitution, damages and interest. He left the country.

Urban Casavant, the company’s chief executive and the man who ran the publicity machine, was ordered to pay almost $69 million, but did not. He moved to Canada.

Both of those men, along with four other people said to have been involved in the fraud, were indicted by a federal grand jury in Nevada. Mr. Edwards is fighting extradition from Britain. Mr. Casavant is a fugitive.

The other view of CMKM is advanced by A. Clifton Hodges, a lawyer in Pasadena, Calif. In his class-action suit representing shareholders, and in an interview, he maintained that the government had set up a sting to catch the criminals who were doing the naked shorting.

The government had, the suit says, “evidence that short-sellers were utilizing their activities to illegally launder moneys, wrongfully export moneys, avoid payment of taxes and to support foreign terrorist operations.”

The government supposedly set up a sting using the services of Robert Maheu, a former F.B.I. agent and associate of Howard Hughes, who briefly served as a director of CMKM and complained that he was not paid. Mr. Maheu has since died.

The government now should distribute to shareholders the money it made on the scheme, the suit maintains. It does not explain how it arrived at a number in the trillions.

Mr. Hodges told me he had evidence to back up his case, but would not reveal it now.

He said the suit is allowed under a 1971 Supreme Court decision that allowed victims of ostensibly improper searches by federal narcotics agents to sue the agents as individuals, even though they could not sue the government. He thinks that justifies suing everyone who was an S.E.C. member from 2004 to the present.

Mr. Hodges told me that he could produce testimony from an unnamed witness who had heard Christopher Cox, then the S.E.C. chairman, direct that no enforcement action be taken against CMKM. Mr. Cox declined to comment, citing the pending litigation, but it is worth noting that the S.E.C. did file enforcement actions against the company while Mr. Cox was at the helm.

Mr. Hodges told me he has the phone number of Mr. Casavant, the fugitive former chief executive, in the Canadian province of Saskatchewan, and had spoken to him. He would not provide the number.

While pursuing his own theory of what happened at CMKM, Mr. Hodges does not seem to have done an especially thorough job of keeping up with the official version. The federal indictment of Mr. Casavant was unsealed in September, six months ago. But when I spoke to him this week, Mr. Hodges told me that Mr. Casavant had not been indicted.

Because I had [url=http://select.nytimes.com/2006/09/29/business/29norris.html?scp=2&sq=norris and]written[/url] about CMKM several years ago, several shareholders brought this suit to my attention. When I told one I believed that the suit was unlikely to succeed, another called to ask me if the government was paying me off to suppress the news.

If the suit is dismissed, those shareholders are not likely to conclude that the claim is nonsense. Instead, they probably will see the dismissal as proof of an even larger conspiracy. Buyer’s denial can be a powerful thing.



https://www.nytimes.com/2010/03/12/business/12norris.html?_r=0

*****************
For Mark Zerfoss (aka MarkZ) - Dealing With Fraud by Denial 258310255 
>>>TNTBS's YouTube Channel<<<


http://www.dinardaily.net/t86655-for-mark-zerfoss-aka-markz-dealing-with-fraud-by-denial#354965

Thanks to Nash at: http://www.dinardaily.net



  

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum